Co-founder Binny Bansal has resigned as CEO of Flipkart Group, effective immediately. This was announced by Walmart, the new owner of the e-commerce company. “His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct.
He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough. While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign,” Walmart said in a statement.